Santos Limited
(ASX:STO) says fourth quarter production of 14.9 million barrels of oil equivalent has brought full year production of 57.7 million barrels to its highest annual production since 2007.
Full year capital expenditure of $1.66 billion was below guidance and 54 per cent lower than the prior year, while full year production costs per barrel were 10 per cent lower.
The company says it’s well placed to withstand an extended period of low oil prices, with $4.8 billion in cash and no material debt maturities until 2019.
It also says it will continue to review its operational and development plans with a focus on preserving cash.
Santos reported a net profit of $37 million at 30 June 2015.
